Fixed Rate Mortgage Home Loan
The interest rates on fixed loans remain the same over the entire term of the loan. The predictability of these kinds of loans make them attractive to homebuyers. Fixed home loan rates are available in 15 Year, 20 Year, 25 Year and 30 Year mortgages. Learn more about the advantages and drawbacks of fixed home loan rates below.
What are the pros and cons of a fixed mortgage?
Not only do fixed rate mortgages offer homeowners predictable interest rates, they're perfect for those who are planning to be in their homes long term. If you plan on spending 15 or more years in your home, it is greatly beneficial to protect yourself from any instability the housing market may experience over the course of your mortgage. Fixed mortgages are simple, and easy to for borrower to understand. They are paid back in the same amount monthly the entire loan term. It is impossible to predict the strength of the housing market years from now, and a fixed rate mortgage can keep you financially safe if interest rates turn volatile later in your mortgage.
On the other hand, fixed home loans are less attractive if interest rates are high. You'll be locked in at one rate for the life of your loan (unless you choose to refinance). With traditionally higher interest rates than an ARM, fixed loans are harder to qualify for and can limit the maximum size of your loan.
Do you have questions about fixed loan rates?
If you have questions about fixed home loan rates, please don't hesitate to contact a Mortgage Loan Officer or Personal Loan Consultant at US Mortgages. Give us a call directly or let us know how to get in touch with you. We'll reach out as soon as we can. If you're ready to get the process started immediately, consider beginning either our short form application or our long form application for prequalification for a loan. If you have any questions while filling out the applications online, be sure to give us a call at our office or drop us a message to clarify anything along the way.